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leaders to the white house on friday. chuck coppola joins us in the newsroom with more. the so-called fiscal cliff is right smack in the middle of the agenda in washington, and as our cover story shows you, the president and congressional leaders have already staked out their positions. president obama called on house republicans to give certainty to middle class families by extending middle class tax cuts immediately, before they run out at the end of the year. "i've got the pen ready to sign the bill right away. i'm ready to do it." fairness in taxes proved a key issue during the campaign. extending a tax cut for the middle class now would effectively keep republicans from holding it hostage later in negotiations to extend all tax cuts, including those for the rich. "i'm not going to ask students and seniors and middle-class families to pay down the entire deficit while people like me making over $250,000 aren't asked to pay a dime more in taxes. i'm not going to do that." earlier, house speaker john boehner told reporters that allowing tax cuts for the wealthy to expire at t
, falling to its lowest level since july, mostly due to uncertainty about the future of the u.s. and global economies. groupon shares fell 13% after the close on earnings news. revenues were up, but the coupon company had a net lost of nearly 3 million dollars. profits were up at disney thanks to espn and growth at theme parks. and priceline is set to buy online travel company kayak for $40 per share. how low will this market go? ben lichtenstein of tradersaudio.com joins us. good morning to you. happy friday. but is this a buying opportunity here? > > i don't think so. i think basically if you try and step up right now, you're kind of trying to play "catch the knife" if you will. there has been a lot of energy to the downside. it started wednesday. we saw a continuation of that yesterday. basically closed 'em out on the lows. everything across the board literally looks weak right now. the one thing that's been just kind of crazy and doesn't really fit in with all of this is that the dollar has been sideways, right around 81 even, and that the volatility index is still holding right around
market. and, what is the deal? traders tell us what they expect from the fiscal fallout on capital hill. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's tuesday, november 27th. i'm angela miles. in today's first look: tech is in check. the dow and s&p 500 pulled back a touch yesterday, while the nasdaq pulled out a 6th straight win. apple and facebook were among the hot tech stocks. gold and oil both slipped on concerns about whether greece will get another bailout, and the u.s. budget. the governor of new york places the cost of hurricane sandy at $42 billion in damages and losses. and all bets are off at intrade.com. the website can no longer allow u.s. residents to place financial bets on the prediction markets. intrade correctly predicted president obama would be re-elected and that the u.s. is not likely to fall off the fiscal cliff. there are lots of rumblings coming out of washington. let's turn to scott bauer of trading advantage to talk about this alleged fiscal cliff. what do you think - and
to make a plan to use your medicines safely. for more information on diabetes medicines go to f-d-a dot gov slash womens diabetes. people are out of work after hostess closed the doors. what's ahead for twinkies? cyber splurge. the record money consumers will be spending shopping on the internet this year. plus, trendy turkeys. the startling cost of an organic bird for a thanksgiving feast. and no more rip offs. what you need to know before taking your car to the mechanic. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's monday, november 19th. i'm angela miles. in today's first look: a better tone out of washington is giving a lift to the stock market. the market made gains on friday, but it wasn't enough to wipe away losses for this week. in market action last week, the dow fell 1.8%, the s&p was down 1.5%, and the nasdaq edged lower by 1.8%. president obama is still traveling in asia today, where he is calling for continued political reforms. american pilots will vote again on a contract offer from th
on sale friday. larry shover of sfg alternatives joins us now for a closer look at today's trading market. good to have you on the show larry. always good to see your smile. a lot of reports were surfacing yesterday that harry reid actually moved the market because he said that talks had stalled out over the fiscal cliff. do you buy into that? > > perhaps. right now, the market seems to be shrugging its shoulders at every headline that comes in, because we are hearing so much. but what harry reid said was really a game- changer, about perhaps trying to curb filibusters. that would be a game-changer, and would put a lid on the stock market. > he could have that much power? unbelievable. all right, let's move on to our next question and talk about greece. for now it looks like greece will not go bankrupt. is that helping the stock market? > > i think it is, but i think it was priced into the stock market. i think the stock market realizes that greece's debt is unsustainable, so anything they can do to prolong that pain until the inevitable happens where there's debt forgiveness is a good th
of option pit mentoring gives us our first look at the trading day, and what do you anticipate on this post-election day mark? > > well, president obama won, so let's look at what his policies are really going to do. i think he's a weak dollar president. so what does that mean? gold is going to rally, commodities are going to rally. i think you will still have people searching for yield, so the stock market is going to rally. we will see a big sell- off in the vix, and we should see a sell-off in the u.s. dollar as well. > > what do you think about gold and oil here? yesterday they both ramped up. > > we saw both buying ahead of an obama victory. there is a strong belief that gold could make an end-of-year run through its all-time highs toward that $2,000 level. oil is a little more demand-centric, so expect it to test $90, maybe $95 in wti, but i doubt it's going to be testing new highs toward the end of the year. > > as you know, consumer confidence is up. we have retailers reporting earnings this week. is this a time to buy retail stocks? > > i think you have to be smart about which
in the past week. mark sebastian of option pit mentoring and consulting joins us now to talk cliffs and bluffs. good morning to you. > > good morning. > still no chance we are going off that cliff according to traders? > > i guess not. it is interesting what will happen when politicians are short on detail, long on optimism. we could really get a nice rally. we took a nice technical bounce off the 200-day moving average around 1385. i don't think we see any real resistance 'til 1425, unless a politician opens their mouth and sends us tumbling right back to 1385, which can happen at any moment. it is really what is driving the s&p 500 right now. > meanwhile bonds are bouncing, and gold sold off heavily yesterday. > > yeah, terrible. there are rumors that the fed is going to announce a further qe, which is always going to make bonds rally. in gold there was a huge customer that had a sell-on- open order yesterday and sent gold tumbling off its 50-day moving average. however, gold really kind of held up without hitting any real technical level. i think this is an excellent opportunity you could w
part of the gold trade, too, is perhaps on a stronger u.s. dollar, and that of course could be a vote on perhaps a romney victory later on tonight. > > good to have you on the show today. that's john brady of rj o'brien. in battleground states such as ohio, hundreds of lawyers have shown up to monitor polls on election day. in our cover story, it's one of many pre- emptive steps being taken to avert a recount that, in ohio's case, could take weeks and delay the election's outcome. while former governor romney and president obama criss- crossed the country in last- minute campaign efforts, more than 200 lawyers from the non- partisan "election protection" group spread out across states such as ohio to make sure potential voters were not discriminated against or intimidated. legal challenges that could delay the outcome for weeks are the last things investors say they want. "the worst thing for business is uncertainty, and that's what's affecting the market now." already there have been two dozen lawsuits within the past six months challening photo i.d. requirments and limited poll hour
mulholland of china-america capital joins us now. good morning to you tim. it is the final trading day of the month. what do you anticipate? > > i think more of the same we've been seeing. the market seems to think it has a lot of resilience. we bounced earlier this week off of the 200-day moving average. s&p down around 1382-3 level. we are now near the post-election highs, which, end-of-month buying, typically book-squaring and so forth, typically leads to higher prices, so i would probably expect that, albeit interrupted by headlines regarding the fiscal cliff. > what is your reaction to a lawmaker who wants to put an extra tax on high-speed trading? what do you think about that? > > i think it is short- sightedness. i don't mean that as any real criticism, but when you look at it, they really want to arrest the problem. it should really be on cancellations. the speed of trading isn't- in my opinion, isn't really the issue. speed should be competitive and whatnot. as long as everyone has the same fair advantage to that, i think that's what the key is. putting a tax on a broad level,
Search Results 0 to 8 of about 9